9 Tips On How To Repair or Reestablish
Your Bad Credit
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In the below article we'll tell you how to fix and improve your
credit score.
The first thing a lender wants to know is your credit rating.
For example, if you have a credit score of 700 or higher that's
considered to be a great score. This type of credit score will
allow you to get any loan you want. If you have a credit score
of approx. 620 then the lender will say to themselves "well
that's an okay credit score, we'll lend this person/family money".
If you have bad credit or your credit score is low or if you
want to reestablish your credit the first thing you should do
is
1. Pay your bills on time. This includes rent, utilities,
credit card, car payments etc .. and as soon as you start making
these payments on time you'll start reestablishing and improving
your credit score.
2. Avoid companies that offer assistance or promise to lower
your credit score if you pay them a monthly fee. Most consumer
reporting agencies that investigate these types of businesses
have said they don't work and there not affective at helping people
improving there credit.
3. Set up payments to be auto-deducted so you never miss a
payment. For example, if constantly forget to pay for car
loan then you can call the financial company that's lent you the
money and have them automatically take out the monthly payment
from your checking account.
4. Consolidate your high interest credit cards. You can
consolidate all of your credit cards into one monthly payment
and by doing this you'll lower your APR a little bit and remember
to keep your payments on time.
5. Get Your Credit Lines lowered. The reason for this is
simple. If you have more money available for you to borrow then
the lender will look at this as negative because you run the risk
of putting yourself deeper into debt. If you have less money available
for you to borrow then they'll look at this as a positive because
you'll have less of a chance of going deeper into debt.
6. Establish New Credit. For example, getting a new gas
card and make sure you make your payments on time!
7. Avoid a lot of credit inquiries. When applying for a
loan try to avoid applying to a bunch of different lenders because
the more credit inquires you have the lender will be saying to
himself "this guy is trying to get lot's of money .... what's
up with that ...." and that can hurt your credit score, so
please try to avoid that when applying for a loan.
8. Stay focused and don't late with your payments!
9. Check your credit score again in about 7-9 months and you'll
see an improvement!
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